RIGA, Dec. 11 (Xinhua) -- Latvia's Citadele Bank has purchased the Baltic leasing business of Europe's leading banking group UniCredit, the bank said on Wednesday.
Under its agreement concluded with UniCredit, the Latvian bank will take over UniCredit Leasing's Baltic operations with a leasing portfolio worth more than 850 million euros.
Citadele has acquired all 100 percent in the Latvian-registered UniCredit Leasing SIA, including its Estonian and Lithuanian subsidiaries, as well as UniCredit Insurance Broker with its Estonian subsidiary.
The price of the transaction has not been disclosed.
Citadele Bank expects the new acquisition to become a valuable addition to its existing leasing business and provide a strong platform for further growth in the leasing market, Citadele Bank leader Guntis Belavskis said, commenting the purchase.
The parties plan to close the deal in the first quarter of 2020. (1 euro = 1.11 U.S. dollars)
